TORONTO, Jan. 18, 2018 — The Mint Corporation (TSX-V:MIT) (“MIT” or the “Company”) announces that it has completed the sale of 5,930,000 units for $0.20 each to raise $1,186,000. This is the second and final closing of a private placement, described in the Company’s news release of January 11, 2018, resulting in the sale of a total of 15,000,000 units to raise $3,000,000. In connection with this second closing, the Company paid finder compensation consisting of $71,820 and 359,100 finder warrants. In total, the Company paid finder compensation consisting of $132,300 and 661,500 finder warrants.
The securities issued on closing, including any securities issued upon exercise of the unit warrants or finder warrants, are subject to a four month hold period which expires on May 19, 2018.
The Company’s news release of January 11, 2018 described a second proposed private placement of units for $0.22 each to raise up to $750,000. Mint anticipates completing this second private placement approximately within the next week.
The net proceeds of the two private placements will be used to advance the Company’s business plan and for working capital purposes.
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
About The Mint Corporation
Mint, through its majority owned subsidiaries (the “Mint Group”), is a leading globally certified payments company focused on offering financial services to the unbanked salaried worker based in Dubai, United Arab Emirates (UAE). The Mint Group provides employers with payroll disbursement service by offering salaries via a reloadable globally accepted prepaid card issued under MasterCard and Union Pay International schemes for their unbanked employees. These employees earn regular salaries and have long-term work permits. The Mint card effectively becomes a cardholder’s bank account. The Mint Group offers a comprehensive suite of value added services for its corporate clients and to their employees via a fully functional mobile application linked to their card account. The Mint Group network covers the entire spectrum of payments value chain from issuing, processing and acquiring with its own proprietary ATM network and does the processing and settlement of transactions through its in-house payment platform.
Forward Looking Statements
This press release contains forward-looking statements. More particularly, this press release contains statements which include the timing of closing the second private placement and the anticipated use of proceeds from the first and second private placement. The forward-looking statements are based on certain expectations and assumptions made by the Company. Although the Company believes that those expectations and assumptions are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those anticipated due to a number of factors and risks. In addition to other risks, the closing of the second private placement could be delayed based on delays in the receipt of subscriptions and the logistics of closing. The intended use of the net proceeds of the two private placements by the Company might change if the Company determines that it would be in the best interests of the Company to use the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Mint Corporation